Outward orientation, investment and finance constraints: A study of Indian firms

被引:27
作者
Ganesh-Kumar, A [1 ]
Sen, K
Vaidya, RR
机构
[1] Indira Gandhi Inst Dev Res, Mumbai, India
[2] Univ E Anglia, Sch Dev Studies, Norwich NR4 7TJ, Norfolk, England
关键词
D O I
10.1080/00220380412331322071
中图分类号
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号
0201 ; 020105 ; 03 ; 0303 ;
摘要
We investigate the presence of finance constraints on firms investment behaviour using Indian manufacturing as a case study: This question becomes particularly interesting in the post-1991 period when substantial market oriented reforms were undertaken, We argue that in the Indian institutional context (especially, the underdeveloped state of bankruptcy laws and restrictive exit procedures) outward orientation rather than size is the relevant criteria for distinguishing firms that may be 'finance-constrained' from those that are not. Using panel data for 718 Indian manufacturing firms for the period 1993-98, we find that exporting firms are less constrained in financial markers than firms which sell primarily to domestic markets.
引用
收藏
页码:133 / 149
页数:17
相关论文
共 28 条